Updated August 2024,
Architects and Engineers start firms so they can make an impact on their communities and design a better world. You are surely no different. Billing processes are not where you want to spend your time when you could instead be engaging with your clients, finding new project opportunities, or developing innovative design solutions.
A custom billing software system saves you time and money while keeping your invoices and payments organized and on schedule. Meaning you can spend less time worrying about sending invoices, and more time on the work that you love.
This software makes it easy to customize professional invoices and send them to your clients with complete confidence that they're accurate. Clients can then submit payments online for a seamless transaction, ensuring you get paid faster and with less follow-up required. Data shows that invoices with electronic payment options get paid over 30% faster, significantly improving cashflow.
If your current billing system is based on manually updating spreadsheets, mailing physical invoices, or it is slow, complicated, or cluttered, keep reading for five compelling reasons you should opt for online custom billing software and how to leverage it for the best results.
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One of the most enticing reasons to use custom billing software is its ability to help your firm get paid on time consistently. Setting up recurring invoices for your clients and creating a personalized payment schedule that works for both parties prevents you from having to request money repeatedly or track down outstanding invoices. Instead, automated payment reminders do it for you.
These are great features if your company offers fixed monthly pricing, subscription services, payment plans, or frequently bills the same clients regularly (e.g., monthly, quarterly, or annually). Billing and invoicing software notifies clients before their balance is due, on the due date, and as soon as payment is late, removing the pressure from your firm to micromanage these tasks.
Automated reminders coupled with the option to pay electronically means the money for your services arrives in your bank account faster. Improved cashflow is vital for businesses to cover expenses, meet payroll, and have the financial means to make strategic investments to grow your firm.
This also frees your time to spend on your firm's services and the work you enjoy. It also offers you flexibility, as many invoicing systems include mobile functionality so that you can monitor invoice and payment status from anywhere. You are no longer tied to a desk to get invoices out the door, but now can work from anywhere. This becomes even more helpful with a remote team, multiple offices, or projects outside your locale.
With cloud-based billing software, all invoices sent and received are securely tracked and logged for more accurate records. This keeps your firm and its clients accountable for services purchased and payments owed. Like any business owner, you want to do everything you can year-round to remain tax-compliant and prepared for an audit. A digital billing solution is the simplest way to ensure your information is always up to date.
Tracking your expenses and payments also provides detailed insights into your financial patterns. It's simpler to know which clients are your most valuable, which services are most in demand, and the time of year you're most profitable. This knowledge is powerful because it helps you adjust to keep cash flow stable all year and invest more in the clients and services that make money for your firm.
An online billing system will allow you to understand your revenue and your budgets and spending. With budget reports like those automatically created in BQE’s CORE, you always know if you’re under or exceeding a project’s budget, while expense tracking at the project or employee level reveals unnecessary spending, so you make changes going forward.
Your billing system is an underrated client management tool because it quickly highlights all financial information related to a client. You can sort and categorize your clients based on their industry, business size, and how recently you worked together. Knowing your previous interactions and the services they purchased will help you re-engage with a recommendation or simply check in on their needs.
You also foster goodwill with clients when you make it easy to work with you. Clients appreciate your flexibility by accepting multiple payment types, including credit cards. Credit card payments are increasingly popular, with 84% of people wanting the option to pay by credit card. And billing software can give you the choice to pass on credit card fees to your clients or absorb them in your fees. Mobile payments are on the rise so you need your firm to accept payment methods that are convenient and secure.
Most billing and accounting platforms integrate with popular payment gateways like Stripe and PayPal to securely receive money and deposit it in your account faster than traditional banking systems. When you make it painless for clients to pay you, you’ll find that you receive more on-time payments and fewer email exchanges about the matter. Our data reveals that firms that send invoices with electronic payment options receive payments over 30% faster on average. This improved cashflow is immensely valuable to a business.
Many tedious billing tasks get automated or streamlined with custom billing software, but it doesn’t completely eliminate your team's involvement. Instead, it enables you to keep everyone organized, informed, and accountable. When all of your collaborators work together from one platform, they know what they’re responsible for and what others have recently completed.
Say your automated payment reminders have gone ignored. Which team member is responsible for making that phone call to your client, asking for a payment ASAP?
Customize your online billing tool to your team’s liking, including the cadence at which it generates financial reporting, such as a profitability report, and who automatically receives an email copy at your desired interval. By standardizing your financial processes, from invoicing schedules to data collection, you set the example for your team and keep your firm running smoothly.
Another advantage of this for firm owners or principals, is that with standardized operating procedures it is easier to design the process you want to be followed and then delegate the work to others. For any high functioning team, it is important to have the right people work on the right tasks. Firm partners should oversee the systems and processes, review work and analyze reports, and make strategic business decisions. But they shouldn't be stuck doing the day to day administrative tasks. Firm management software with cloud-based billing tools can allow you to delegate this work to an office manager or an in-house bookkeeper.
Everything is cloud-based now, including receipts, invoices, payments, and even tax filings. This is a positive for business owners because you can save money on paper, ink, and office space! It’s easier to store hundreds or thousands of records when you do it digitally, and it's faster and more secure to share with other stakeholders this way.
At this point in time, if your business doesn’t accept payments online, or you can't send clients and vendors a digital receipt, your firm is behind the times. Your business will look out of touch and less credible without modern digital tools. Adopting new technology is a boon for businesses because it makes you look savvy, like you know what's coming before everyone else. It also makes your team more effective in their work - saving time on menial tasks so they can focus on higher value-add work.
Not only do you seem more informed, but your firm becomes more powerful when you use software, thanks to third-party integrations and automations that let you work more efficiently. And the invoice templates included in custom billing software are a win because they ensure you always look professional and on-brand, but only take seconds to personalize and send.
Billing and invoicing software for small businesses offers your firm unlimited invoicing capabilities, improved cash flow, organized records and tax information, and automated payment follow-ups, so your team isn’t stuck doing it.
If you need help staying on top of your billing and invoicing tasks, CORE offers user-friendly automatic billing software as well as project management software, expense tracking, time tracking, and accounting software. All of this functionality lets firms more easily assign tasks, set project budgets, and manage time and expenses.
Check out the rest of our blog for resources to help you find software built for your industry to make your company more efficient, whether you're looking for project management software for engineers or legal billing software. Sign up for your free demo today to see how CORE can streamline your firm's billing processes, project execution, and more.